## Financial Structure × Demographics → CA Reversals

**CA Reversal (≥3pp)**

|  | Full Sample | + Interactions | Bank-Based | Market-Based |
| --- | --- | --- | --- | --- |
| Z_1 | -0.7219*** | 0.6145 | 0.0744 | 0.2818 |
|  | (0.2568) | (0.5270) | (0.6499) | (0.7084) |
| Z_2 | 0.1201*** | -0.0908 | -0.0125 | -0.0342 |
|  | (0.0384) | (0.0781) | (0.0930) | (0.1055) |
| Z_3 | -0.0054*** | 0.0034 | 0.0004 | 0.0010 |
|  | (0.0016) | (0.0032) | (0.0037) | (0.0043) |
| fin_structure |  | 0.0421*** |  |  |
|  |  | (0.0129) |  |  |
| Z_1_x_fin |  | -0.6185 |  |  |
|  |  | (0.4273) |  |  |
| Z_2_x_fin |  | 0.0950 |  |  |
|  |  | (0.0637) |  |  |
| Z_3_x_fin |  | -0.0039 |  |  |
|  |  | (0.0026) |  |  |
| N | 4,532 | 1,452 | 725 | 727 |
| R² | 0.034 | 0.069 | 0.073 | 0.055 |
| ρ | 0.054 | 0.078 | 0.092 | 0.063 |

**Sudden Stop**

|  | Full Sample | + Interactions | Bank-Based | Market-Based |
| --- | --- | --- | --- | --- |
| Z_1 | -0.0450 | -0.1217 | -0.0957 | -0.0852 |
|  | (0.0464) | (0.1396) | (0.2182) | (0.1176) |
| Z_2 | 0.0066 | 0.0166 | 0.0137 | 0.0134 |
|  | (0.0069) | (0.0207) | (0.0312) | (0.0175) |
| Z_3 | -0.0003 | -0.0006 | -0.0005 | -0.0005 |
|  | (0.0003) | (0.0008) | (0.0012) | (0.0007) |
| fin_structure |  | 0.0077** |  |  |
|  |  | (0.0034) |  |  |
| Z_1_x_fin |  | 0.0323 |  |  |
|  |  | (0.1131) |  |  |
| Z_2_x_fin |  | -0.0038 |  |  |
|  |  | (0.0169) |  |  |
| Z_3_x_fin |  | 0.0001 |  |  |
|  |  | (0.0007) |  |  |
| N | 4,532 | 1,452 | 725 | 727 |
| R² | 0.007 | 0.016 | 0.024 | 0.010 |
| ρ | 0.108 | 0.084 | 0.102 | 0.006 |
